Original subtitles

In his lecture, we have been talking about the different types of accounts you can have on if they

are you.

So we have an externally owned account and also you have a contract externally owned accounts on normal

accounts on which you can keep a balance.

You kind of think of them as a personal account and then you have a contract in which you have also

called that can be executed and also storage there.

You can keep some data in these little continue again with another lecture about this bill.

This one will be much shorter in a neglect will continue its own practical stuff.

OK, so I would like to note here some things first.

First, I would like to note here what is the incentive of the miner to create a block in Etherium out

there?

All of anyone to get that transaction into into Ethereum, and you want to change the state of the Etherium

interest in the transaction.

And this transaction has to be mined into the block and the miner.

The node in the Ethereum network has to mind the transaction, and it has to spend some resources for

it.

So what is the reward for the miner?

Okay, so they have this miner, I'd say, well, make him a lack of energy, a miner.

This is not.

This is mine.

They're not OK.

And the transaction will come into the system and miner will mine it into into the block, right?

So Miner will create a block of these transactions.

And also, of course, there are other transaction.

And let's say this miner will find the answer better.

You'll find his nonce number, so he's going to other block into the blockchain.

So there's this block can be added into the blockchain.

So here is some sort of the blockchain, right?

And the miner other neo block into the blockchain in the exchange that the miner has to spend the resources

computational power to mine this block.

It will get to the miner will get there'll be a reward that ether is created and it's a and it's sent

to the miner.

OK, I think the APR is something around the three.

If part of the miner will get OK.

So Miner, a miner block b, the transactions added to the blockchain and in the reward as the reward

miner will get from Ethereum from some ether.

I think I played the miner will get free for Ether.

OK.

As they're everybody's scan, this can depend on this can also change.

OK, so that's of incentive a miner to be miner to participate in if if the Ethereum network to get

some rewards for mining or transactions.

Also, I didn't mention before, but every time that every block is to link to the previous blog, OK,

it's containing the hash of the previous block.

I will be talking about hashes later, but you can.

You can think of it that there are these blocks are linked together, so either some block.

It's changed in this blockchain.

All of the following blocks are invalid, so you can't just change a block because all of these other

blocks that are next to the blockchain, depending on this previous block, saw some take care of them,

and it was decided that I would like to change this book in the in the blockchain.

I would change the data.

He simply cannot, because then he will change this block.

All of these other blocks in the blockchain will be they'll be invalid, and other participants in the

Ethereum network will notice it.

OK.

The other thing I was talking, I wanted to talk about and also that Balmoral thing will be in the in

our chorus here and they'll be working in.

Their application will be we'll be creating applications that we will be creating smart contract and

they'll be connecting to the Ethereum network, but will be not actually actually collecting the Ethereum

network that the main Ethereum network.

But there are also different types of the Ethereum networks for testing purposes.

So you have a you have, for example, ideal market.

I guess I don't have much space here, so let me find a good spot here.

I will make it here.

So you have a minute.

Magnet, where you are trading there, Ala.

If so, a real digital currency, silver, you are spending their own money, sort of a magnet type

of the Ethereum network.

Then we have a test and that's when you working with.

If that doesn't have a value, you are just testing features.

You are testing your application.

So then you could expand contact the old that you will test it on the testnet.

There are also some notes there, and you can test the behavior of your application there on a test

that's a meinhardt.

As a main a network, they are turning to a real if ether then have a test and very are providing that

testing.

If that and you can test your application before you will deploy to the market and then you have also

third one, and that can be the reference as the private one.

OK, so private one.

OK, this is the best idea for developing a developing application because this is the first test.

This is working only on your computer.

It's creating this kind of a simulation or emulation of the Ethereum blockchain, and you will be running

it on your own on their local computer.

You'll be able to be working with its private network.

OK, so you have these types of the networks and you'll be developing in a private light that I will

be testing on the testnet and late, and after that they will be deploying on the meinhardt.

All right, so does this and also, I want to mention here it is getting a little bit below that that

I will be talking about the bullets.

Then you have a bullet through the digital currencies.

Violet is not your account, the bullet, because a software it there's an application for this application

it.

That serves as a mentor in their of your account.

It can help you manage your account.

You can have a good overview of your digital currencies and also you can send a and it can send and

create the transactions for you.

And it can create and it can connect for you to two blockchains.

All right.

Or to the other networks, not only to Ethereum network, but also to other to other networks of others.

Just a third party program.

This application that helps you to manage your account.

And it can create and send the transactions for you.

OK, it can.

Create.

And sent.

And send transactions for free of this kind of a gateway to to the network to a theater network, but

we are talking about if the Ethereum network.

OK, so as I'm always mentioning, they'll be talking about this stuff fairly intensively in the next

lectures.

Let's get a break.

Let's continue.

Like let's let's go to some practical stability you'll will.

Still working on the smart contracts will be some.

Creating some contracts along the way will be again the recapitulating, recapitulating and explaining

some other other information.

And they'll go into the details, of course.

OK, that's going to be it.

I'll see you in the next lecture.

Cheers.